Ethereum Remains Above $3,400 As Bears Maintain Dominance

Ethereum (ETH) Current Statistics
The current price: $3,424.95
Market Capitalization: $410,763,804,165
Trading Volume: $23,748,244,566
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis March 19, 2024
Ethereum’s (ETH) price is falling below the 21-day SMA as bears maintain dominance. The cryptocurrency price has broken and retested the 21-day SMA. Buyers failed to maintain the price above the 21-day SMA, resulting in the fall.

On the downside, bears will try to push the altcoin above the 50-day SMA. In other words, Ether will fall even more, reaching a low of $3,106. However, in the preceding price activity, Ether reached a low of $3,200 on March 5, 2024. The selling pressure was short-lived, as bulls bought on dips.

ETH/USD has rebounded above the moving average lines. Ether becomes trapped between the moving average lines in this scenario. The altcoin will trend when the moving average lines are breached. The bears continue to hold sway as Ether’s price declines.
Ether is now valued at $3,420.50.

ETH Technical Indicators Reading
Ether’s price is falling between the moving average lines. Price movement has been confined to a specific range. The price is oscillating near its recent lows. The current fall may end above the 50-day SMA or $3,000 support.

On the 4-hour chart, the price bars have gone below the moving average lines as Ether continues to tumble.

Conclusion
Ethereum is hovering above $3,400 support level as bears maintain dominance. The bears have retested the existing support level of $3,400 twice. Ether will continue to fall once it loses its current support. In other words, as long as the selling pressure persists, the crypto signal will most likely be negative.

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